Madison Purchased Debt On Foreclosed Adjacent Buildings in 2011 for $11.75 Million;
After Acquiring Property Title At Auction, Company Executed Aggressive Renovation and Repositioning Plan Over Last Three Years
NEW YORK, April 9, 2014 /PRNewswire/ — Madison Realty Capital (MRC), an institutionally backed real estate private equity firm and asset manager focused on real estate equity and debt investments in the middle markets, announced the sale of a four-building multifamily property, located on West 111th Street in northern Manhattan, for $24.25 million to Acuity Capital Partners.
Josh Zegen, Co-Founder and Managing Member of MRC, made the announcement.
Madison initially purchased distressed loans on the four adjacent buildings, located at 136, 140, 144, 148 West 111th street respectively, for $11.75 million in May 2011. After navigating through the bankruptcy and the foreclosure process, MRC acquired the property title at auction in July 2011. The company then executed an aggressive renovation and repositioning plan to upgrade and modernize the property overall, which included a complete renovation of 20 apartment units. Overall, the four buildings represent a total of 55,000 square-feet with 65 apartment units.
"This transaction is a perfect example of how Madison utilizes its industry-leading vertically integrated platform to maximize property value during ownership," said Zegen. "After purchasing the debt and acquiring the title at auction for these four buildings, we were able to reposition and transform the entire property in less than three years through our comprehensive asset management capabilities. The end result is a significant return on investment with the successful disposition of this multifamily asset."
Aaron Jungreiss of Rosewood Realty Group represented both the buyer and seller in this transaction.
About Madison Realty Capital (MRC)
Madison Realty Capital (MRC) is an institutionally backed real estate private equity firm focused on real estate equity and debt investments in the middle markets throughout the United States. Founded in 2004, MRC has invested in over $2.0 billion of transactions in the multifamily, retail, office and industrial sectors. MRC's vertically integrated platform encompasses origination, servicing, asset management, property management and construction management expertise to maximize the value of its investments.
Media inquiries, contact
Great Ink Communications: (212) 741-2977
Eric Waters – Email
Tom Nolan – Email
Read more news from Madison Realty Capital.